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Daily Report on Hurricane Katrina's Impact on U.S. Energy           


Hurricane Katrina's Impact on the U.S. Oil and Natural Gas Markets


As of Monday, September 19, 5:00 pm

Hurricane Katrina in Perspective (see figures below). While the peak crude oil production loss from Hurricane Katrina was similar to 2004's Hurricane Ivan and even less than Hurricane Dennis earlier this year, the pace of restoration is expected to be much more similar to Hurricane Ivan than any of the other recent hurricanes. For example, while the peak daily loss in crude oil production during Hurricane Dennis was slightly more than suffered following Hurricane Katrina, within a week of the peak loss, crude oil production following Hurricane Dennis was back to normal while it will likely be months before crude oil production is back to normal following Hurricane Katrina. New York Mercantile Exchange (NYMEX) prices increased initially following the hurricane. Since early September, product prices generally have declined (increasing on September 19 with news of Tropical Storm Rita approaching the Gulf of Mexico).

Graph of Gulf of Mexico Shut-In Oil & Natural Gas Production due to hurricanes in 2004 & 2005
figure data

graph of shut-in oil & natural gas production comparison of hurricanes Katrina & Ivan
figure data


graph of oil and gas prices
figure data

graph of nymex futures for gasoline & deisel
figure data

Shut-in Statistics (as of 11:30 a.m. September 19). According to the Minerals Management Service (MMS), Gulf of Mexico (GOM) oil production was reduced by 837,648 barrels per day as a result of Hurricane Katrina, equivalent to 55.84 percent of daily GOM oil production. The MMS also reported that 3.375 billion cubic feet per day of natural gas production was shut in, equivalent to 33.75 percent of daily GOM natural gas production.

Prices
NYMEX Futures 9/19/2005 9/16/2005 change Week Ago
9/12/2005
Year Ago
9/20/2004
  WTI Crude Oil ($/Bbl)
67.39
63.00
+4.39
63.34
46.35
  Gasoline (c/gal)
204.27
178.51
+25.76
187.37
127.45
  Heating Oil (c/gal)
203.84
183.50
+20.34
181.43
126.59
  Natural Gas ($/MMBtu)
12.66
11.14
+1.52
11.03
5.25
  Diesel Fuel (c/gal)
284.7
289.8
-5.1
187.4
97.3

On September 19, DOE released the weekly Gasoline and Diesel Fuel Update. As of September 18, the average weekly retail gasoline price decreased to $2.79 (down 16.9 cents from the previous week). Diesel fuel prices decreased 11.5 cents to $2.73.

Refineries. Four refineries (ChevronTexaco, located in Pascagoula, MS; ConocoPhillips, located in Belle Chasse, LA; ExxonMobil, located in Chalmette, LA; and Murphy Oil, located in Meraux, LA) remain shut down, and expectations are that these refineries, which represent about 5 percent of total U.S. refining capacity, could be shut down for an extended period.

 

Map of Hurricane Katrina's Path showing oil rigs & refineries.                                           Click to see larger version.
                                                map courtesy of iMapData Inc.

Gulf of Mexico Oil & Natural Gas Facts
Energy Information Administration
Data as of June 2005 unless otherwise noted.

Gulf of Mexico
Total U.S.
% from
Gulf of Mexico
Oil (million barrels per day)
  Federal Offshore Crude Oil Production (4/05)
1.562
5.488
28.5%
  Total Gulf Coast Region Refinery Capacity (as of 1/1/05) 
8.068
17.006
47.4%
  Total Gulf Coast Region Crude Oil Imports
6.490
10.753
60.4%
    - of which into ports in LA, MS and AL
2.524
10.753
23.5%
    - of which into LOOP
0.906
10.753
8.5%
Natural Gas (billion cubic feet per day)
  Federal Offshore Marketed Production (3/05)
10.4
54.1
19.2%

News & Recent Reports
DOE Office of Electricity Delivery & Energy Reliability hurricane situation reports
Department of Interior Minerals Management Service
Coast Guard Hurricane Katrina Incident Management Site
DOE Secretary Bodman's statement on Hurricane Katrina
DOE Secretary Bodman's comments on IEA Stock Release


References
Louisiana Oil Profile
Louisiana Natural Gas Summary
Mississippi Oil Profile
Mississippi Natural Gas Summary
Alabama Oil Profile
Alabama Natural Gas Summary


Related EIA Data Releases
Weekly Petroleum Status Report Released after 10:30 a.m. (Eastern time) on Wednesdays except on holiday weeks (release delayed one day).
U.S. Gasoline and Diesel Prices Released after 5:00 p.m. (Eastern time) on Mondays except on holiday weeks (released on Tuesday).
Weekly Natural Gas Storage Report Released between 10:30 a.m. and 10:40 a.m., (Eastern time) on Thursdays.
Short Term Energy Outlook
Next release, October 12, 2005, 12:00 p.m. Noon (Eastern time).


Previous Versions
September 16, 2005
September 15, 2005
September 14, 2005
September 13, 2005
September 12, 2005
September 9, 2005
September 8, 2005
September 7, 2005
September 6, 2005
September 2, 2005
September 1, 2005
August 31, 2005
August 30, 2005
August 29, 2005